Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries MGE Energy Reports Third-Quarter 2023 Earnings By: MGE Energy, Inc. via Business Wire November 02, 2023 at 11:29 AM EDT MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2023 were $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year. Our third-quarter results were primarily driven by an increase in investments included in rate base. Also, warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022. MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for the third quarter of 2023. The timing of depreciation expense also contributed to higher electric earnings in the third quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects. In the third quarter of 2023, earnings from our investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity. Gas net income in the third quarter of 2023 remained relatively flat compared to the third quarter of 2022. MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) Three Months Ended September 30, 2023 2022 Operating revenues $ 160,528 $ 163,400 Operating income $ 43,792 $ 42,487 Net income $ 37,857 $ 33,720 Earnings per share - basic $ 1.05 $ 0.93 Earnings per share - diluted $ 1.05 $ 0.93 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,189 36,176 Nine Months Ended September 30, 2023 2022 Operating revenues $ 525,779 $ 524,686 Operating income $ 122,216 $ 109,808 Net income $ 97,616 $ 89,901 Earnings per share - basic $ 2.70 $ 2.49 Earnings per share - diluted $ 2.70 $ 2.49 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,185 36,174 About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 161,000 customers in Dane County, Wis., and purchases and distributes natural gas to 173,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20231102858210/en/Contacts Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
MGE Energy Reports Third-Quarter 2023 Earnings By: MGE Energy, Inc. via Business Wire November 02, 2023 at 11:29 AM EDT MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2023 were $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year. Our third-quarter results were primarily driven by an increase in investments included in rate base. Also, warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022. MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for the third quarter of 2023. The timing of depreciation expense also contributed to higher electric earnings in the third quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects. In the third quarter of 2023, earnings from our investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity. Gas net income in the third quarter of 2023 remained relatively flat compared to the third quarter of 2022. MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) Three Months Ended September 30, 2023 2022 Operating revenues $ 160,528 $ 163,400 Operating income $ 43,792 $ 42,487 Net income $ 37,857 $ 33,720 Earnings per share - basic $ 1.05 $ 0.93 Earnings per share - diluted $ 1.05 $ 0.93 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,189 36,176 Nine Months Ended September 30, 2023 2022 Operating revenues $ 525,779 $ 524,686 Operating income $ 122,216 $ 109,808 Net income $ 97,616 $ 89,901 Earnings per share - basic $ 2.70 $ 2.49 Earnings per share - diluted $ 2.70 $ 2.49 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,185 36,174 About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 161,000 customers in Dane County, Wis., and purchases and distributes natural gas to 173,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20231102858210/en/Contacts Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com
MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2023. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2023 were $37.9 million, or $1.05 per share, compared to $33.7 million, or $0.93 per share, for the same period in the prior year. Our third-quarter results were primarily driven by an increase in investments included in rate base. Also, warmer-than-normal weather led to an increase in electric residential sales of approximately 5% compared to the third quarter of 2022. MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for the third quarter of 2023. The timing of depreciation expense also contributed to higher electric earnings in the third quarter of 2023. Depreciation costs are expected to increase after significant capital projects are completed, including the second phase of Badger Hollow and Paris solar projects. In the third quarter of 2023, earnings from our investment in ATC increased $0.9 million, driven by an estimated possible loss recorded in 2022 from filed complaints regarding MISO transmission owners' authorized return on equity. Gas net income in the third quarter of 2023 remained relatively flat compared to the third quarter of 2022. MGE Energy, Inc. (In thousands, except per-share amounts) (Unaudited) Three Months Ended September 30, 2023 2022 Operating revenues $ 160,528 $ 163,400 Operating income $ 43,792 $ 42,487 Net income $ 37,857 $ 33,720 Earnings per share - basic $ 1.05 $ 0.93 Earnings per share - diluted $ 1.05 $ 0.93 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,189 36,176 Nine Months Ended September 30, 2023 2022 Operating revenues $ 525,779 $ 524,686 Operating income $ 122,216 $ 109,808 Net income $ 97,616 $ 89,901 Earnings per share - basic $ 2.70 $ 2.49 Earnings per share - diluted $ 2.70 $ 2.49 Weighted average shares outstanding - basic 36,163 36,163 Weighted average shares outstanding - diluted 36,185 36,174 About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 161,000 customers in Dane County, Wis., and purchases and distributes natural gas to 173,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20231102858210/en/
Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com